Saudi Arabia May Increase Oil Supplies to South Korea

Saudi Arabia said it is prepared to
help South Korea secure “stable” crude oil supplies if the
northern Asian country’s imports are disrupted by an embargo on
Iran.

Saudi Arabia can meet any future requests and extra demand
from South Korea for oil purchases, the kingdom’s oil minister
Ali al-Naimi said in a meeting with South Korean President Lee Myung Bak in Riyadh yesterday, according to the presidential
office’s website.

South Korea, which relies on imports for almost all of its
crude needs, is supporting U.S. efforts to impose sanctions on
Iranian oil to force the country to abandon its alleged nuclear
weapon program. South Korea imported 926.8 million barrels of
crude last year, of which 31 percent came from Saudi Arabia and
9.4 percent from Iran.

President Lee visited Turkey, Saudi Arabia, Qatar and the
United Arab Emirates from Feb. 3 and Feb. 7 to discuss energy
issues.